Financial Inclusion After the Currency Exchange: The Gains Achieved and the Challenges of Sustainability

Dr Marwa Fouad Qabbani
With the announcement that the currency exchange campaign will conclude in mid-May, an important question has emerged within economic and social circles: have the calls and appeals for citizens to open bank accounts now come to an end, or does what has taken place represent the genuine beginning of a new phase entitled “financial inclusion”?
During the currency exchange period, banks witnessed an unprecedented influx of citizens opening bank accounts after the process became directly linked to depositing funds within the banking system. This shift prompted thousands — perhaps millions — of citizens to engage with banks, banking applications, and electronic transfer services for the first time, in what can be regarded as a rare opportunity to expand the country’s banking umbrella.
Although the campaign is approaching its end in the states of Khartoum, Al-Jazirah, and White Nile, the issue of opening bank accounts does not appear to have ended. Financial institutions recognise that the objective was not merely to replace old banknotes with new ones, but rather to bring the largest possible segment of citizens into the formal financial system and reduce dependence on the circulation of money outside the banking sector.
The campaign has indeed achieved several important results, most notably a significant rise in the number of bank accounts opened, reflected in increased use of banking applications and electronic payment services, which now reach more than 30 per cent of Sudan’s population. It has also contributed to reducing the volume of cash circulating outside the banking system. Furthermore, it has strengthened the state’s ability to monitor fund flows and curb cash hoarding and parallel market activity.
However, from an observer’s perspective, the success of the experiment cannot be measured solely by the number of accounts opened, but rather by the extent to which these accounts continue to be actively used after the campaign ends. Many citizens opened accounts out of temporary necessity to exchange currency, not because of a deep conviction in the importance of banking transactions or a firmly established trust in the banking system.
The greatest challenge facing banks, therefore, remains how to transform this temporary surge in demand into a lasting culture. Weak services in certain areas, liquidity shortages, technical disruptions, and limited banking awareness are all factors that could undermine the continuity of engagement with banks.
Within this context, another pressing question arises: has the culture of opening bank accounts become a luxury or a necessity?
Today, the answer clearly leans towards “necessity”. The world is rapidly moving towards a digital economy, and a bank account has become an essential part of everyday economic life — whether for receiving salaries, remittances, electronic payments, or even accessing finance and various other services. Full reliance on paper cash is no longer practical given economic challenges and technological developments.
Nevertheless, achieving genuine financial inclusion does not stop at merely opening accounts. It requires building real trust between citizens and financial institutions through improving services, simplifying procedures, expanding banking outreach, reducing fees, and developing digital infrastructure.
In conclusion, it can be said that the currency exchange campaign may have ended administratively, but it has opened a wide door towards a broader economic and social transformation. The true measure of success now depends on the state and the banking sector’s ability to transform a “temporary need” into a “sustainable financial culture” that contributes to building a more organised and inclusive economy.
** Strategic Planning and Digital Transformation Expert.

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